Integration of Technological Advancement, Encourages Gene Panel Industry to Achieve a CAGR of 14.2% by 2030

Technological Advancements Changing Market Dynamics-states one of the leading consulting, data analytics, and market research firms, i.e., Markntel Advisors. The report describes that, with the rising trend the gene panels are getting advanced day by day. As a result, the Gene Panel industry is witnessing the incorporation of artificial intelligence to diagnose and analyze the symptoms effectively. Additionally, the adoption of multi-gene panels facilitates emphasizing towards a wide range of genetic conditions. Therefore, increasing advances & innovations in gene test solutions are changing market dynamics and opening new doors for the market players to improve their revenue growth during the forecast period.

The report further comprises “Global Gene Panel Market Research Report: Forecast (2024-2030)”, According to the report, the Global Gene Panel Market size was valued at around USD 3.1 billion in 2023 & is estimated to grow at a CAGR of around 14.2% during the forecast period, i.e., 2024-30. The market growth is driven by an increase in cases of cancer and genetic diseases.

Leading Segmentation Analysis Based On Application, Design, and Region

The Global Gene Panel market is segmented into six segments based on application, technique, design, product & service, end user, and region.

• Based on Application, the market is segmented into Cancer Risk Assessment, Diagnosis of Congenital Diseases, Pharmacogenetics, and Others, in upcoming years, the cancer risk assessment segment is projected to lead the Global Gene Panel market.
• Based on Design, the market is segmented into Predesigned Gene Panel, and Customized Gene Panel, in upcoming years, the predesigned Gene Panel segment is expected to dominate the Global Gene Panel Market.
• Based on Region, the market is segmented into North America, South America, Europe, The Middle East & Africa, and Asia-Pacific, in upcoming years, the North America region is expected to dominate the global Gene Panel market.

Inadequate Skilled Workforce, Hampers Industry Growth

The lack of a skilled workforce resulted in high costs and ineffective treatment for the patients, which somewhere is expected to restrict the growth of the gene panel industry. Qualified professionals are required for the innovation and execution of genetic testing solutions. Moreover, many individuals in low-income regions lack health awareness information which results in underutilization of the available gene panel tests in that region. These challenges are estimated to hamper the growth of the Gene Panel Industry.

Key Manufacturers and Recent Updates: Establishing the Industry Development

Highlighting the recent update that demonstrates the further growth and market expansion:

• Thermo Fisher on the Rise of Next-Generation Sequencing CDx., i.e., NGS-based in vitro diagnosing in 2024, focusing on traditional Sanger sequencing and the polymerase chain reaction (PCR) methods.

Additionally, to strengthen their market position, certain market players such as Illumina, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Qiagen Inc., Eurofins Scientific Se, BGI, F. Hoffmann-La Roche AG, Integrated DNA Technologies Inc., Genewiz, Inc., Novogene Corporation, Personalis, Inc., Gatc Biotech AG, Archerdx, Genedx, Centogene AG, and others are operating, not only to raise revenue but also to seek comprehensive attention and popularity from large customers. Therefore, looking forward to futuristic growth and betterment.

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